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Three insurance tips you should know about

The process of making any arrangements for assisted living can seem somewhat complicated. There are many details that must be considered, not the least of which are the rising expenses involved.

The costs of the type of assisted living that is right for you may not always be feasible out of pocket. Medicare and Medicaid may help ease some of the burden, but these services don’t always cover everything. Medicare, typically, does not cover assisted living facilities or long-term care.

Certain supportive living facilities however, like Heritage Woods, accept all income levels including Medicaid. Additionally, a longer-term care plan and other assets may be used to fill in any remaining financial blanks. The following are some tips on utilizing insurance to help with an assisted living situation.

Long-term care insurance

While it may not a suitable option for everyone, an LTCI plan has many benefits. It can preserve assets for future use, while maintaining financial independence for the individual seeking assisted living. If professional care is needed, payments are much more affordable with an LTCI plan and the plan can be tailored to where the care is received – in an assisted living facility in this case.

Look at your life insurance policy

If a life insurance policy exists that premiums have been getting paid on, you may be able to leverage that to access the cash value that has been built up to help with the costs of assisted living.

Choose the right provider for you

Just like choosing the policy itself, the right insurance provider is just as important. Compare at least three different providers to determine their financial stability, individual agents, and if their policies can meet your needs.

These are just a few insights into how insurance can help you become part of an independent living community. For more information, visit our website or call 815-787-6500.